Lotte Rental jumped 8.8% on Tuesday to around 51,500 won after South Korea’s Fair Trade Commission approved its acquisition by a TPG-affiliated SPV, Lexico Korea Holdco, which will take 61.18% of management shares from Hotel Lotte and Busan Lotte Hotel.

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TPG’s deal structure is a mixed merger with no competitive overlap between TPG’s infant nutrition and private equity units and Lotte Rental’s vehicle rental business, easing antitrust concerns.

The overall South Korean equity market moved little on the day, offering limited directional cues for the stock.

FTC clearance addressed prior regulatory hurdles, including an earlier blocked bid by Affinity Equity Partners in early 2026 over concerns about consolidation with South Korea’s second-largest car rental operator.

The transaction is valued at about 1.31 trillion won (roughly $947 million) and ends Lotte Rental’s 11-year affiliation with the Lotte Group.